Facebook’s ad-mageddon continues. The social network’s parent company Meta Platforms on Wednesday reported a 1% revenue decline in the second quarter to $28.8 billion—the first-ever quarterly drop in its 12 years as a public company—as a combination of macroeconomic issues and falling ad prices took its toll. Making matters worse, the company’s free cash flow fell by 46% to $4.6 billion. And...
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Exclusive Asia Startups
How Instagram’s TikTok Envy Finally Backfired
Last month, Kim Kardashian, Kylie Jenner and other influencers stirred up a public relations firestorm for Instagram, complaining to their hundreds of millions of followers about the app's recent attempts to mimic TikTok. Those efforts were just part of a broader internal effort to take on the Chinese short-form video app, though. The Information has learned that recent tests of changes to...
China’s Economy Slows Amid Soaring Youth Unemployment
China’s Tech Giants Alibaba and ByteDance Share Algorithms With Government
Peloton Announces Job Cuts, Store Closures and Price Hikes
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